What is an IVA?

An individual voluntary arrangement allows you to pay off your creditors and make regular payments over a certain period of time. This arrangement requires you to convince at least 75% of your creditors to accept your proposition. And as a mother, when you are a single parent and the sole breadwinner of the house, this is an ideal deal for you because as long as you are making your regular IVA payments, your creditors cannot barge in on you. This is an ideal way to forgo your fear of going bankrupt.

How can you get your IVA approved?

Naturally, convincing your creditors implies that you need to make them believe that IVA will be equally beneficial for them as well, and much more rewarding than the awful practice of forcing people to go bankrupt. At Creditfix, our highly qualified licensed insolvency practitioners will help you throughout the procedure. All we need is your complete financial information in order to prepare a report to be presented in the court as well as to your creditors. However, you must not give these professionals a complete picture of your situation and should not withhold any information. Also, lying to your creditors will only harm your interests as it is considered a criminal offence.

As a mother, will an IVA be beneficial for you?

As a single mother, getting an IVA is an ideal solution to pay off your debts as the terms are very flexible, and you don’t require any minimum level of debt in order to install an IVA. The program also forgoes the hassle of declaring a fixed period of time or a certain amount of debt that must be paid. You get to choose and tailor every little detail of your repayment schedule, and that gives you an immense financial strength to manage your routine expenses and pay off your debts. You can even secure your home by making the IVA deal so attractive that your creditors agree on leaving out your home from the entire bargain.

Furthermore, an IVA doesn’t lead to bankruptcy or the loss of property. On the upside, the setting up and monthly expenses are extremely low.

Are there any downsides to an IVA?

The IVA procedure is extremely complicated, and as a woman, you may find it extremely baffling. But with our highly trained licensed insolvency practitioners by your side, Creditfix will ensure that you have all the help and advice that you need. We won’t scare you with big front-loaded fee payments, but rather, help you secure a financially strong and debt free future for you and your children.

If you are unable to make your scheduled payments, you will be charged heavy penalties, which can eventually lead to bankruptcy; which is why it is essential to have an extra source of income in order to manage your monthly payments alongside your routine expenses and emergency situations.

Is Individual voluntary arrangement really the answer for you?

If you want to avoid the consequences of bankruptcy, choose your own repayment terms, save your house or property, and convince your creditors to aid you in paying off your debts. Creditfix – Individual voluntary arrangement (IVA) is the right answer to all your debt troubles. Just be sure to use your convincing powers to sway the opinions of your creditors, and you’ll be able to pay off your debts in around 5 years.